Three World Financial Giants Prepare for Crypto Exchange Business

Fidelity and Two Others Set Up Crypto Exchange Business

According to a Bitcoin Magazine report, EDX Markets will be a crypto exchange backed by the liquidity of legacy financial institutions.

In addition to the three financial giants, EDX Markets has also received support from Paradigm, Sequoia Capital and Virtu Financial.“We look forward to welcoming additional participants to the exchange, which will drive sustainable trading in this important asset class while creating a virtuous cycle of continuously improving liquidity and efficiency backed by state-of-the-art MEMX technology,” said Jamil Nazarali, CEO of EDX Markets and Former Head Business Development at Citadel.

For your information, MEMX is a market operator founded in 2019, which specifically focuses on technology infrastructure.They are aimed at offering scalable solutions that enable exchanges to operate in multiple markets for retail and institutional investors.

Note that EDX Markets will enter a trial period in November, to trade a limited number of spot crypto assets. Nazarali also revealed that the official launch will be carried out in January next year.What differs from other crypto exchanges is that EDX Markets will operate like an equity and options trading service, allowing users to buy and sell crypto through existing broker dealers.

“We took some of the best features of traditional finance and brought it to the digital market to make it more efficient and provide cost savings to investors,” Nazarali added.Apart from Nazarali, EDX will be run by several other financial industry veterans such as David Forman, Former Chief Legal Officer at Fidelity, and Tony Acuna-Rohter, CTO at ErisX.

Nazarali also revealed that although the market was sluggish in the middle of the crypto winter, investors had grown better in recent years. This has prompted an influx of interest from institutions into the crypto market.